An x-bar chart is used when we are sampling attributes
Indicate whether the statement is true or false
FALSE
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Exhibit 9-4 During 2016, the Thomas Company began selling a new type of machine that carries a two-year assurance-type warranty against all defects. Based on past industry and company experience, estimated warranty costs should total $2,000 per machine sold. During 2016, sales and actual warranty expenditures were $4,000,000 (80 machines) and $44,000, respectively. Thomas uses the GAAP approach
of accruing warranty expense (and the related liability) in the year of the sale. ? Refer to Exhibit 9-4. What amount should Thomas report as its warranty expense for 2016? A) $0 B) $ 44,000 C) $160,000 D) $320,000
An example of a company that would use a process cost system is a(n)
a. consulting firm; b. print shop; c. cement company; d. home remodeling company; e. automobile sales dealership
Which of the following is true of the Magnuson-Moss Warranty Act?
A) It requires all warrantors to make express written warranties. B) It obligates all warrantors to make disclaimer warranties for their products. C) It authorizes warrantors to establish an informal dispute-resolution procedure. D) Implied warranties are voidable under this Act.
How many stages are there in the conventional morality level of Kohlberg’s Stages of Moral Development?
A. 1 B. 2 C. 3 D. 6